AUD/NZD: downside headed towards key 1.1200

By FXStreet AUD/NZD bears are currently making headway to the downside while the Kiwi continues on the bid in the cross on the back of the trade balance for Feb.

NZD/USD has rallied on to the 0.67 handle and has added 20 pips in early Asia with the trade balance being released for Feb New Zealand February trade balance: +339m vs expectations of just +90m.The exports were the most impressive part of the data, arriving as 4.25bn vs the expected 4.01bnbn against the prior that was 3.90bn. The imports were 3.91bn expected vs 3.90bn and the previous to those arrived 3.89bn.

All in all, this was a result in the trade balance that helps the RBNZ to remain its path on monetary policy without needing to cut rates again so soon. Meanwhile, the Aussie got a wallop on the back of a stringer greenback relishing the wake of a sell-off in the commodities sector.

AUD/NZD levels

AUD/NZD, while below 1.1258 pivot, is looking in at the 1.1200 psychological level and broke the ascending support from 1.1150, setting that level as the next key target on the downside. On the flip side, a correction through 1.1240 and previous 20th and 21st Mar top …read more

Source:: FX Street